Connect with us

News

Over 77,000 crypto investors burnt as Bitcoin drops on fear of Russian invasion

Over 77,000 crypto investors burnt as Bitcoin drops on fear of Russian invasion

Published

on

A significant drop in crypto prices was witnessed as Russia seemed once again to be on the verge of invading Ukraine.

Even though US Secretary of State, Antony Blinken requested to meet with his Russian counterpart, a mortar shell hit multiple buildings in the Donbas region of Ukraine, according to multiple reports.

At the time of writing, the global crypto market is valued at $1.85 trillion, a decrease of 5.71% since yesterday.

Investors’ appetite for high-risk assets, such as cryptocurrencies, plunged. The largest cryptocurrency by market capitalization, Bitcoin, was trading at about $40.5K at the time of publication.

Advertisement

Ether, the second-largest cryptocurrency by market valuation, also fell. The rest of the top 20 altcoins lost substantial value.

READ ALSO:   #BBNaija: Pere’s management disagrees with organizers over latest twist

77,315 traders liquidated their positions for the day. A single liquidation order worth $8.67 million took place on Bitmex – XBTUSD

The majority of these liquidations are related to long positions, which are futures contracts where traders expect a price rise.

As investor jitters mount over reports that the U.S. ramped up warnings about a possible Russian attack on Ukraine, President Joe Biden said a “false-flag” event may be underway, and a top diplomat said it sounded like Moscow is moving toward an “imminent invasion.”

Advertisement

Officials from Russia said no invasion was planned or underway in Ukraine. But the Kremlin responded that its proposals were unsatisfactory and might mean resorting to unspecified “military-technical measures.”

US and NATO officials have said Russia has massed up to 150,000 troops near the Ukrainian border in preparation for an invasion. They say there is no evidence that Russia has backed down from announcements made earlier this week.

READ ALSO:   BREAKING Governor Uzodimma Summons Emergency Security Meeting As Imo Boils

On the four-hour chart, price action indicators are showing an oversold signal, as they did on Feb. 3, which preceded a 20% price jump. It is likely that sellers will remain active this time, as the $46K resistance level could serve as a barrier.

Though it should be noted that before the sell-off, Bitcoin addresses that have at least 1,000 BTC in their balances added more tokens, signalling that the wealthiest crypto investors are backing BTC’s rebound.

Advertisement

Furthermore, the number of Bitcoin exchanges hold fell to its lowest levels in over three years on Feb. 13 according to Glassnode data, continuing a bullish downtrend that has been in place since March 2020.

 

Opinion11 mins ago

Biafra: Nnamdi Kanu Releases Strong Statement As Treason Trial Continues Today

Sports18 mins ago

EPL Transfer News Live: Chelsea go for Sterling, Arsenal close to Jesus deal,Liverpool looking at Dembele…

Top Stories26 mins ago

How Tanko Muhammad Was ‘Forced’ To Resign As CJN

Politics33 mins ago

PDP gives Obasanjo 48 hours to clarify comment on regretting choosing Atiku as Vice President

News38 mins ago

Can G7 Meet The Global Challenges?

Business and Brands53 mins ago

Sekibo, Obi, others harp on security, leadership for economic prosperity

Sports12 hours ago

Wimbledon: Novak Djokovic beats Kwon Soon-woo in opening match

Politics12 hours ago

Gbajabiamila is pride to Lagos, face of effective legislature – Lagos Assembly

Sports12 hours ago

UFC 276: Israel Adesanya reveals what Jared Cannonier ‘will see’ as he prepares to defend title

Top Stories12 hours ago

Russia Slips Into Historic Default as Sanctions Cripple Next Steps

Top Stories13 hours ago

Breaking: Chicago State University Reconfirms Tinubu’s Certificate

Entertainment14 hours ago

Janelle Monáe, Taraji P. Henson, Jazmine Sullivan speak out during politically charged BET Awards…’Bombs’ Supreme Court’

Entertainment14 hours ago

BBNaija’s Whitemoney makes a grand entrance to his star studded birthday soiree (Video)

News14 hours ago

Latest Dollar To Naira Exchange Rate Today 27th June 2022

Entertainment14 hours ago

Johnny Depp set ‘to return’ to Pirates’ set …in talks with Disney about ‘$300 million deal’ after Amber Heard saga

Also Read...